gtfintechlab/all_annotated_sentences_25000

sentences stringlengths 15 1.43k	stance_label stringclasses 4 values	time_label stringclasses 2 values	certain_label stringclasses 2 values	year int64 2k 2.02k	bank_name stringclasses 25 values	__index_level_0__ int64 0 25k
there was thus broad agreement among members that a strong policy response was required, which was best achieved by a comprehensive package of measures that exploited the synergies and complementarities between its different components.	neutral	forward looking	certain	2,016	ecb	24,437
members first discussed the understanding -- that is, the level of inflation that each policy board member understood, when conducting monetary policy, as being consistent with price stability over the medium to long term.	neutral	not forward looking	certain	2,012	bank_of_japan	1,249
tighter real monetary conditions supported the decline, which accelerated in november due to a favorable base effect.	hawkish	not forward looking	certain	2,017	central_bank_of_egypt	17,685
this would increase the governing council’s optionality and flexibility without implying that lift-off would automatically follow shortly after the end of net purchases.	neutral	forward looking	certain	2,022	ecb	24,771
facilities investment has slightly increased and consumption growth has expanded, although construction investment and exports have continued to decline.	neutral	not forward looking	certain	2,020	bank_of_korea	18,523
regarding metal commodities, it bears highlighting the advance in the price of iron ore and the decline in the price of aluminum	neutral	not forward looking	certain	2,013	brazil_copom	16,201
while the risks to inflation outlook which the mpc drew attention to in previous statements continue to exist, a detailed assessment of the most recent inflation figures may suggest a tentative moderation.	hawkish	forward looking	uncertain	2,007	central_bank_of_egypt	17,670
the continued high unemployment rate was also highlighted as a factor preventing potential escalation of wage pressure	dovish	not forward looking	certain	2,012	national_bank_poland	15,978
the amount of increase in household loans has lessened, and the increase in housing prices has moderated in all parts of the country.	neutral	not forward looking	certain	2,022	bank_of_korea	18,010
moreover, some council members argued that a more comprehensive assessment of the outlook for inflation and economic growth in poland will be possible after considering the june inflation and gdp projection	neutral	forward looking	certain	2,010	national_bank_poland	15,358
while discussing the economic growth in poland in the years to come, some council members emphasised that gdp growth should gradually decrease in the next years, which would be easing the demand pressure	hawkish	forward looking	certain	2,007	national_bank_poland	15,353
however, uncertainty about the external and internal conditions and on the volatility of oil prices remains high, all of which could affect the dynamics of prices and economic activity and optionsthe members of the board noted the reduction in the inflation rate that has been taking place throughout 2018 as positive, although it has slowed down its downward trend in recent months.	hawkish	forward looking	uncertain	2,018	bank_of_colombia	290
merchandise exports were expected to contract more than the previous assessment due to the slowdown of trading partner economies and global trade volume owing to intensifying and expanding trade tensions as well as a longer-than-expected down cycle of electronic products.	dovish	not forward looking	uncertain	2,019	bank_of_thailand	8,191
the global economy continues to expand	dovish	not forward looking	certain	2,017	bank_negara_malaysia	21,317
first, there must be a stabilization of the foreign exchange market.	hawkish	forward looking	certain	2,024	bank_of_korea	18,705
mention was made of the fact that the intervention interest rate has been cut by 500 bp in nearly five months and its current level is clearly expansive.	dovish	not forward looking	uncertain	2,009	bank_of_colombia	581
the member assessed that the global economy had continued to recover as in the previous year, but the pace of recovery had been slowing recently affected largely by the spread of omicron, and inflation had continued to grow in major countries owing to the further uptrend in energy prices and prolonged disruptions in global supply chains.	hawkish	not forward looking	certain	2,022	bank_of_korea	18,507
the committee does however recognize the presence of potentially destabilizing factors, such as pressures to hike public utility fees and the ongoing high inflation expectations.	hawkish	not forward looking	certain	2,012	bank_of_korea	18,958
that said, significant risks are posed by elevated and unanchored inflation expectations.	hawkish	forward looking	uncertain	2,019	central_bank_of_russia	13,938
bank credit continued to show poor dynamism.	dovish	not forward looking	certain	2,023	central_bank_of_chile	20,349
in this category, prices of cheese and other dairy goods, fats and processed meat recorded sharp gains.	hawkish	not forward looking	certain	2,018	central_bank_republic_of_turkey	14,710
if inflation shows any hint of becoming unanchored by the next board meeting, the bank should take a stronger approach to contain inflation	hawkish	forward looking	uncertain	2,023	central_bank_taiwan	23,216
the average of the four core inflation indicators (5.74%) also continues to fall.	dovish	not forward looking	certain	2,016	bank_of_colombia	34
inflation expectations show mixed dynamics but generally remain elevated.	hawkish	forward looking	certain	2,024	central_bank_of_russia	13,889
the renewed jump in covid-19 infections in several parts of the country and the associated localised and regional lockdowns add uncertainty to the growth outlook.	neutral	not forward looking	uncertain	2,021	rbi	11,995
for next year, inflation would likely rise further, boosted by a global economic recovery, an oil price rebound, and mild growth in domestic demand	dovish	forward looking	uncertain	2,020	central_bank_taiwan	23,993
in consequence, the rate of economic growth would fall, diminishing the investment attractiveness of the polish economy and leading to a decrease in the inflow of foreign direct investment	dovish	forward looking	uncertain	2,007	national_bank_poland	15,795
however, the extent of the easing was smaller than expected by the financial markets	hawkish	not forward looking	certain	2,016	national_bank_poland	15,107
the member also added that the pace of recovery in private consumption has been slowing due to an aggravating burden for households to make principal and interest repayments, while inflation appears to have been slowing, as well.	dovish	not forward looking	certain	2,023	bank_of_korea	18,313
it is their consensus that the chinese economy has witnessed healthy development with strong resilience, and the switch to new growth drivers has gathered pace.	dovish	forward looking	certain	2,019	peoples_bank_of_china	9,287
the thai economy in the second quarter expanded more than previously projected.	hawkish	forward looking	certain	2,012	bank_of_thailand	8,317
the consumer demand for categories subject to incentives remains robust while investments edged up in the second quarter after a subdued first quarter.	dovish	not forward looking	certain	2,017	central_bank_republic_of_turkey	14,386
in contrast to previous months, market pricing had suggested that negative policy rates were unlikely to be adopted in either of these two economies.	neutral	forward looking	uncertain	2,020	reserve_bank_australia	7,051
exports will continue to benefit from the recovery in the advanced economies and regional demand	dovish	forward looking	certain	2,014	bank_negara_malaysia	21,880
as of may 12, bcrp injection operations totaled s 56,005 million, of which s 49,409 million were associated with governmentbacked repos	neutral	not forward looking	certain	2,021	central_reserve_bank_peru	19,141
measures of consumer confidence had declined recently and were now below average.	dovish	not forward looking	certain	2,011	reserve_bank_australia	7,902
firms' investment and employment expectations, although being high, declined as of july.	neutral	not forward looking	certain	2,022	central_bank_republic_of_turkey	14,503
after growing at a considerably faster rate in the fourth quarter, m2 and m3 apparently increased at a more moderate but still brisk pace in january.	hawkish	not forward looking	certain	1,997	fomc	6,176
as for growth in the medium and long term, one member argued that: i) strengthening the rule of law; ii) increasing economic productivity; and, iii) promoting actions that improve confidence and investment expectations are essential.	dovish	forward looking	uncertain	2,020	bank_of_mexico	3,871
against continuing weakness and uncertainties in the external economic environment, the strength of the recovery in the singapore economy is expected to be moderate beyond the initial uplift.	neutral	forward looking	uncertain	2,009	monetary_authority_singapore	22,618
hence, the contribution of market prices to inflation increased in additionally, of the 1.70 p.p	hawkish	not forward looking	certain	2,005	brazil_copom	16,700
in other words, the real gdp growth rate was holding steady as net export growth stemming from lower import volume had offset a decline in the contribution of domestic demand to growth, resulting in the slowdown of gni and nominal income growth.	dovish	not forward looking	certain	2,018	bank_of_korea	18,187
therefore, even though capacity utilisation rates have fallen slightly and staff shortages have become less acute, it is still true to say that capacity utilisation remains at levels above the historical norm	hawkish	not forward looking	certain	2,008	swiss_national_bank	2,612
while annual inflation increased in clothing, footwear and durables goods, it remained flat in other core goods.	neutral	not forward looking	certain	2,021	central_bank_republic_of_turkey	14,562
private consumption was expected to remain resilient as a trend, although it would show some weakness for the time being, mainly since car sales had fallen back.	neutral	forward looking	certain	2,012	bank_of_japan	1,181
this scenario for the global economy is subject to high uncertainty, with risks on the upside and downside alike	neutral	forward looking	uncertain	2,021	swiss_national_bank	2,589
however, the member expected the board to reduce the size and pace of further increases of the base rate, while monitoring domestic and overseas economic developments and financial stability conditions, if the current forecast continued to hold that there would be a pattern of high price growth in the first half and low growth in the latter half and core inflation excluding electricity and gas fees would decline to the 2% range after the second half.	dovish	forward looking	uncertain	2,022	bank_of_korea	18,219
the meeting also focused on dilemmas connected with the interest rate policy in the longer term	neutral	forward looking	certain	2,009	national_bank_poland	15,287
only a few cities show an increase that neutralizes the decline observed in majority of cities.	neutral	forward looking	certain	2,018	rbi	11,308
on the other hand, the pace of recovery in tourism revenues, uncertainties regarding monetary policies of advanced economies, the course of capital flows and geopolitical developments constitute a downside risk to growth also in 2017, as they have recently.	dovish	forward looking	certain	2,017	central_bank_republic_of_turkey	14,584
however, members shared the view that the outlook was attended by a significant level of uncertainty, given that economic activity was likely to be strongly affected by developments in overseas economies and global financial markets.	hawkish	not forward looking	certain	2,009	bank_of_japan	1,000
the committee forecasts that inflation will gradually rise, but judges that for the time being inflationary pressures will not be high.	neutral	forward looking	certain	2,014	bank_of_korea	18,892
nevertheless, the withdrawal of fiscal support and the continuing process of reducing leverage by banks are likely to hold demand down and thus represent a downside risk to the forecast recovery.	dovish	forward looking	uncertain	2,009	bank_of_israel	12,929
the momentum is expected to pick up in h2:2021-22 and there are upside risks and stickiness of core that warrant attention.	hawkish	forward looking	certain	2,021	rbi	11,574
the consumer price index (cpi) for february remained unchanged, in line with forecasts.	neutral	not forward looking	certain	2,013	bank_of_israel	12,715
it was mentioned that there could be risk factors associated with the expected trajectories of monetary policy in chile and the u.s. and the reduced presence of some important players in the forex market.	neutral	forward looking	uncertain	2,023	central_bank_of_chile	20,874
the moderate course of aggregate demand conditions and the continued downtrend in import prices support disinflation as of the first quarter.	dovish	not forward looking	certain	2,015	central_bank_republic_of_turkey	14,553
2 and 3-year expectations remained below this figure in a slowdown trend.	neutral	not forward looking	certain	2,012	bank_of_colombia	715
a few members added that the economies of commodity-exporting countries and grain-exporting countries such as those in the middle east and central and south america, as well as australia, showed signs of recovery on the back of growing demand for commodities and food from china.	dovish	not forward looking	certain	2,009	bank_of_japan	1,764
bond yields had generally risen after the us interest rate decision.	hawkish	not forward looking	certain	2,003	bank_of_england	4,972
volatilities in the prices of fresh fruits and vegetables keep the domestic food prices-driven risks alive.	neutral	forward looking	certain	2,023	central_bank_republic_of_turkey	14,364
during the past month, the expectation has strengthened that the slowdown in economic growth in the us will continue into 2009, which will affect other economies worldwide.	dovish	forward looking	certain	2,008	bank_of_israel	12,308
however, global it output growth is expected to ease to a more sustainable pace as the ramp-up in production linked to inventory re-stocking runs its course.	neutral	forward looking	uncertain	2,017	monetary_authority_singapore	22,727
however, other members stressed that alternative policy measures cannot substitute for the interest rate as the main instrument of monetary policy in targeting price stability.	neutral	forward looking	uncertain	2,011	bank_of_thailand	8,387
this figure is 42 b less than the one in february and comes after five months of consecutive increases.	neutral	not forward looking	certain	2,008	bank_of_colombia	381
in terms of the inflation outlook, considering the adverse impact on domestic consumption demand caused by the spread of the virus, combined with plunging international oil and raw material prices, the bank trims the forecasts of the cpi and core cpi annual growth rates for 2020 to 0.59 and 0.55, respectively appendix table 2	hawkish	forward looking	certain	2,020	central_bank_taiwan	23,546
a few recent indicators have been interpreted as evidence that a more pronounced deceleration is progressing in a spontaneous fashion, despite the fact that it is difficult to identify turning points in volatile series, such as the ones regarding the level of economic activity	dovish	forward looking	uncertain	2,004	brazil_copom	16,604
meanwhile, the annual real gdp growth for 2009/10 q4 was revised downwards from 5.9 percent to 5.4 percent.	dovish	forward looking	uncertain	2,010	central_bank_of_egypt	17,938
overall inflationary pressures will remain elevated in the months ahead.	hawkish	forward looking	uncertain	2,022	monetary_authority_singapore	22,340
meanwhile, real gdp jumped significantly in 2014/15 q1, registering at 6.8 percent the highest annual growth rate since 2007/08 q4.	hawkish	not forward looking	certain	2,015	central_bank_of_egypt	17,009
prices in the other services subgroup rose by 1.41% month-on-month, with maintenance-repair, recreational and sporting services, household services and insurance services in the lead.	hawkish	not forward looking	certain	2,022	central_bank_republic_of_turkey	14,201
compared with a yield target, a bpp provides more flexibility to respond to evolving economic circumstances, although it could entail larger financial costs.	neutral	forward looking	uncertain	2,022	reserve_bank_australia	7,718
growth in total credit in april had remained around the fastest pace of the preceding decade.	hawkish	not forward looking	certain	2,022	reserve_bank_australia	7,732
most members pointed out that credit to the private sector continued to perform poorly and highlighted the fall in financing to firms.	dovish	not forward looking	certain	2,021	bank_of_mexico	3,701
consequently, central banks are expected to continue adjusting their monetary policy settings, some at a faster pace, to reduce inflationary pressures	hawkish	not forward looking	certain	2,022	bank_negara_malaysia	21,873
(2) the government confirmed the progress of the emergency economic measures at the council on economic and fiscal policy held on june 13, 2013; the proportion of national and local government projects -- measured in terms of their number -- for which actual work had started was around 81 percent.	neutral	not forward looking	certain	2,013	bank_of_japan	1,698
- liquidity and credit growth remained manageable.	dovish	not forward looking	certain	2,018	bank_of_phillipines	5,163
disinflationary risks to the baseline scenario are mostly linked to the possible additional tightening of monetary conditions in the economy due to a consistently high risk premium in credit rates and elevated banks’ requirements for borrowers amid high uncertainty.	hawkish	not forward looking	uncertain	2,022	central_bank_of_russia	13,394
prices of tradable items declined in the december quarter.	dovish	not forward looking	certain	2,013	reserve_bank_australia	7,304
in emerging economies, while domestic demand remains an important source of growth, exports are affected by weak external demand	neutral	not forward looking	certain	2,012	bank_negara_malaysia	21,552
on the demand side, consumption-related indicators had continued to adjust downwards, with a weak performance of imports of these goods and of retail sales, according to imacec and digital invoicing data, among other factors.	dovish	not forward looking	certain	2,023	central_bank_of_chile	20,622
economic risk factors both at home and abroad and endeavoring to lower inflation expectations, will conduct monetary policy so as to stabilize consumer price inflation at the midpoint of the inflation target over a medium-term horizon amid continuing sound growth of the economy.	hawkish	forward looking	certain	2,012	bank_of_korea	18,177
yet, some council members assessed that the risk of the second-round effects was limited due to slowing employment growth and heightened unemployment	dovish	not forward looking	certain	2,012	national_bank_poland	15,056
(d) 2019 q4 data are outturns.	irrelevant	not forward looking	certain	2,020	bank_of_england	4,736
the continuation of these market imperfections, in addition, to an unanticipated rebound in international food prices pose upside risks to the inflation outlook.	hawkish	forward looking	certain	2,011	central_bank_of_egypt	17,080
the member expected that consumption would continue to slow, weighed down by an economic slowdown, declining real purchasing power, and the growing burden of loan principal and interest repayment, in addition to the decrease in consumption capacity.	dovish	forward looking	certain	2,023	bank_of_korea	18,940
according to recent inflation and economic activity indicators monthly inflation was 0.20 percent in july, bringing down year-on-year inflation to 2.11 percent, from 2.29 percent in june	hawkish	not forward looking	certain	2,019	central_reserve_bank_peru	19,145
the majority of members noted that private unfavorably, and mentioned the fall in lending to firms.	dovish	not forward looking	uncertain	2,021	bank_of_mexico	3,507
the likelihood of lower interest rates has spurred rallies in equity markets, although uncertainty about the timing of interest rate reduction is reflected in bidirectional movements in the us dollar and sovereign bond yields.	neutral	forward looking	uncertain	2,024	rbi	11,941
therefore, they ratify that decisions will depend on the information available at a given moment in time.	irrelevant	not forward looking	certain	2,022	bank_of_colombia	56
in addition, the member assessed that we can’t afford to be complacent, as developments in global energy prices related to china’s reopening and the rise in public utility bills could work as restraints on the downward stabilization of consumer price inflation.	hawkish	forward looking	certain	2,023	bank_of_korea	18,012
this was mainly due to fewer sales of transport equipment.	neutral	not forward looking	certain	2,008	bank_of_colombia	353
regarding household debt, the household debt-to-gdp ratio remained elevated and would continue to edge up as a result of the economic slowdown as well as credit card and personal loan growth where household increasingly resorted to collateralized personal loans for liquidity.	dovish	not forward looking	certain	2,020	bank_of_thailand	8,232
he/she underlined that, looking ahead, the expected trajectory of inflation is similar to that already anticipated during the previous monetary policy decision.	neutral	forward looking	uncertain	2,023	bank_of_mexico	3,190
regarding inflation, the committee members mentioned results that printed above expectations in the short term, and the increase in projections for in this sense, they reasoned that the ongoing disinflation process has been evolving at a speed that is below the one pursued by the committee	hawkish	forward looking	certain	2,016	brazil_copom	16,222
total cpi inflation remains near the bottom of the bank’s target range as the disinflationary effects of economic slack and low consumer energy prices are only partially offset by the inflationary impact of the lower canadian dollar on the prices of imported goods.	dovish	not forward looking	certain	2,016	bank_of_canada	10,868
asian economies improved on the back of better export performance and a pick-up in the chinese economy, as well as continued buoyant domestic demand.	hawkish	not forward looking	certain	2,012	bank_of_thailand	8,744
accordingly, the member expressed the view that it would be appropriate to leave the base rate unchanged at the current 3.50% at this meeting.	neutral	not forward looking	certain	2,023	bank_of_korea	18,346
however, the indicators associated with construcion and manufacturing have declined in july due to lower investment	dovish	not forward looking	certain	2,016	central_reserve_bank_peru	19,893
the us dollar would likely weaken, with the regional currencies appreciating against the us dollar.	dovish	forward looking	uncertain	2,021	bank_of_thailand	8,278

there was thus broad agreement among members that a strong policy response was required, which was best achieved by a comprehensive package of measures that exploited the synergies and complementarities between its different components.

neutral

forward looking

certain

2,016

ecb

24,437

members first discussed the understanding -- that is, the level of inflation that each policy board member understood, when conducting monetary policy, as being consistent with price stability over the medium to long term.

neutral

not forward looking

certain

2,012

bank_of_japan

1,249

tighter real monetary conditions supported the decline, which accelerated in november due to a favorable base effect.

hawkish

not forward looking

certain

2,017

central_bank_of_egypt

17,685

this would increase the governing council’s optionality and flexibility without implying that lift-off would automatically follow shortly after the end of net purchases.

neutral

forward looking

certain

2,022

ecb

24,771

facilities investment has slightly increased and consumption growth has expanded, although construction investment and exports have continued to decline.

neutral

not forward looking

certain

2,020

bank_of_korea

18,523

regarding metal commodities, it bears highlighting the advance in the price of iron ore and the decline in the price of aluminum

neutral

not forward looking

certain

2,013

brazil_copom

16,201

while the risks to inflation outlook which the mpc drew attention to in previous statements continue to exist, a detailed assessment of the most recent inflation figures may suggest a tentative moderation.

hawkish

forward looking

uncertain

2,007

central_bank_of_egypt

17,670

the continued high unemployment rate was also highlighted as a factor preventing potential escalation of wage pressure

dovish

not forward looking

certain

2,012

national_bank_poland

15,978

the amount of increase in household loans has lessened, and the increase in housing prices has moderated in all parts of the country.

neutral

not forward looking

certain

2,022

bank_of_korea

18,010

moreover, some council members argued that a more comprehensive assessment of the outlook for inflation and economic growth in poland will be possible after considering the june inflation and gdp projection

neutral

forward looking

certain

2,010

national_bank_poland

15,358

while discussing the economic growth in poland in the years to come, some council members emphasised that gdp growth should gradually decrease in the next years, which would be easing the demand pressure

hawkish

forward looking

certain

2,007

national_bank_poland

15,353

however, uncertainty about the external and internal conditions and on the volatility of oil prices remains high, all of which could affect the dynamics of prices and economic activity and optionsthe members of the board noted the reduction in the inflation rate that has been taking place throughout 2018 as positive, although it has slowed down its downward trend in recent months.

hawkish

forward looking

uncertain

2,018

bank_of_colombia

290

merchandise exports were expected to contract more than the previous assessment due to the slowdown of trading partner economies and global trade volume owing to intensifying and expanding trade tensions as well as a longer-than-expected down cycle of electronic products.

dovish

not forward looking

uncertain

2,019

bank_of_thailand

8,191

the global economy continues to expand

dovish

not forward looking

certain

2,017

bank_negara_malaysia

21,317

first, there must be a stabilization of the foreign exchange market.

hawkish

forward looking

certain

2,024

bank_of_korea

18,705

mention was made of the fact that the intervention interest rate has been cut by 500 bp in nearly five months and its current level is clearly expansive.

dovish

not forward looking

uncertain

2,009

bank_of_colombia

581

the member assessed that the global economy had continued to recover as in the previous year, but the pace of recovery had been slowing recently affected largely by the spread of omicron, and inflation had continued to grow in major countries owing to the further uptrend in energy prices and prolonged disruptions in global supply chains.

hawkish

not forward looking

certain

2,022

bank_of_korea

18,507

the committee does however recognize the presence of potentially destabilizing factors, such as pressures to hike public utility fees and the ongoing high inflation expectations.

hawkish

not forward looking

certain

2,012

bank_of_korea

18,958

that said, significant risks are posed by elevated and unanchored inflation expectations.

hawkish

forward looking

uncertain

2,019

central_bank_of_russia

13,938

bank credit continued to show poor dynamism.

dovish

not forward looking

certain

2,023

central_bank_of_chile

20,349

in this category, prices of cheese and other dairy goods, fats and processed meat recorded sharp gains.

hawkish

not forward looking

certain

2,018

central_bank_republic_of_turkey

14,710

if inflation shows any hint of becoming unanchored by the next board meeting, the bank should take a stronger approach to contain inflation

hawkish

forward looking

uncertain

2,023

central_bank_taiwan

23,216

the average of the four core inflation indicators (5.74%) also continues to fall.

dovish

not forward looking

certain

2,016

bank_of_colombia

34

inflation expectations show mixed dynamics but generally remain elevated.

hawkish

forward looking

certain

2,024

central_bank_of_russia

13,889

the renewed jump in covid-19 infections in several parts of the country and the associated localised and regional lockdowns add uncertainty to the growth outlook.

neutral

not forward looking

uncertain

2,021

rbi

11,995

for next year, inflation would likely rise further, boosted by a global economic recovery, an oil price rebound, and mild growth in domestic demand

dovish

forward looking

uncertain

2,020

central_bank_taiwan

23,993

in consequence, the rate of economic growth would fall, diminishing the investment attractiveness of the polish economy and leading to a decrease in the inflow of foreign direct investment

dovish

forward looking

uncertain

2,007

national_bank_poland

15,795

however, the extent of the easing was smaller than expected by the financial markets

hawkish

not forward looking

certain

2,016

national_bank_poland

15,107

the member also added that the pace of recovery in private consumption has been slowing due to an aggravating burden for households to make principal and interest repayments, while inflation appears to have been slowing, as well.

dovish

not forward looking

certain

2,023

bank_of_korea

18,313

it is their consensus that the chinese economy has witnessed healthy development with strong resilience, and the switch to new growth drivers has gathered pace.

dovish

forward looking

certain

2,019

peoples_bank_of_china

9,287

the thai economy in the second quarter expanded more than previously projected.

hawkish

forward looking

certain

2,012

bank_of_thailand

8,317

the consumer demand for categories subject to incentives remains robust while investments edged up in the second quarter after a subdued first quarter.

dovish

not forward looking

certain

2,017

central_bank_republic_of_turkey

14,386

in contrast to previous months, market pricing had suggested that negative policy rates were unlikely to be adopted in either of these two economies.

neutral

forward looking

uncertain

2,020

reserve_bank_australia

7,051

exports will continue to benefit from the recovery in the advanced economies and regional demand

dovish

forward looking

certain

2,014

bank_negara_malaysia

21,880

as of may 12, bcrp injection operations totaled s 56,005 million, of which s 49,409 million were associated with governmentbacked repos

neutral

not forward looking

certain

2,021

central_reserve_bank_peru

19,141

measures of consumer confidence had declined recently and were now below average.

dovish

not forward looking

certain

2,011

reserve_bank_australia

7,902

firms' investment and employment expectations, although being high, declined as of july.

neutral

not forward looking

certain

2,022

central_bank_republic_of_turkey

14,503

after growing at a considerably faster rate in the fourth quarter, m2 and m3 apparently increased at a more moderate but still brisk pace in january.

hawkish

not forward looking

certain

1,997

fomc

6,176

as for growth in the medium and long term, one member argued that: i) strengthening the rule of law; ii) increasing economic productivity; and, iii) promoting actions that improve confidence and investment expectations are essential.

dovish

forward looking

uncertain

2,020

bank_of_mexico

3,871

against continuing weakness and uncertainties in the external economic environment, the strength of the recovery in the singapore economy is expected to be moderate beyond the initial uplift.

neutral

forward looking

uncertain

2,009

monetary_authority_singapore

22,618

hence, the contribution of market prices to inflation increased in additionally, of the 1.70 p.p

hawkish

not forward looking

certain

2,005

brazil_copom

16,700

in other words, the real gdp growth rate was holding steady as net export growth stemming from lower import volume had offset a decline in the contribution of domestic demand to growth, resulting in the slowdown of gni and nominal income growth.

dovish

not forward looking

certain

2,018

bank_of_korea

18,187

therefore, even though capacity utilisation rates have fallen slightly and staff shortages have become less acute, it is still true to say that capacity utilisation remains at levels above the historical norm

hawkish

not forward looking

certain

2,008

swiss_national_bank

2,612

while annual inflation increased in clothing, footwear and durables goods, it remained flat in other core goods.

neutral

not forward looking

certain

2,021

central_bank_republic_of_turkey

14,562

private consumption was expected to remain resilient as a trend, although it would show some weakness for the time being, mainly since car sales had fallen back.

neutral

forward looking

certain

2,012

bank_of_japan

1,181

this scenario for the global economy is subject to high uncertainty, with risks on the upside and downside alike

neutral

forward looking

uncertain

2,021

swiss_national_bank

2,589

however, the member expected the board to reduce the size and pace of further increases of the base rate, while monitoring domestic and overseas economic developments and financial stability conditions, if the current forecast continued to hold that there would be a pattern of high price growth in the first half and low growth in the latter half and core inflation excluding electricity and gas fees would decline to the 2% range after the second half.

dovish

forward looking

uncertain

2,022

bank_of_korea

18,219

the meeting also focused on dilemmas connected with the interest rate policy in the longer term

neutral

forward looking

certain

2,009

national_bank_poland

15,287

only a few cities show an increase that neutralizes the decline observed in majority of cities.

neutral

forward looking

certain

2,018

rbi

11,308

on the other hand, the pace of recovery in tourism revenues, uncertainties regarding monetary policies of advanced economies, the course of capital flows and geopolitical developments constitute a downside risk to growth also in 2017, as they have recently.

dovish

forward looking

certain

2,017

central_bank_republic_of_turkey

14,584

however, members shared the view that the outlook was attended by a significant level of uncertainty, given that economic activity was likely to be strongly affected by developments in overseas economies and global financial markets.

hawkish

not forward looking

certain

2,009

bank_of_japan

1,000

the committee forecasts that inflation will gradually rise, but judges that for the time being inflationary pressures will not be high.

neutral

forward looking

certain

2,014

bank_of_korea

18,892

nevertheless, the withdrawal of fiscal support and the continuing process of reducing leverage by banks are likely to hold demand down and thus represent a downside risk to the forecast recovery.

dovish

forward looking

uncertain

2,009

bank_of_israel

12,929

the momentum is expected to pick up in h2:2021-22 and there are upside risks and stickiness of core that warrant attention.

hawkish

forward looking

certain

2,021

rbi

11,574

the consumer price index (cpi) for february remained unchanged, in line with forecasts.

neutral

not forward looking

certain

2,013

bank_of_israel

12,715

it was mentioned that there could be risk factors associated with the expected trajectories of monetary policy in chile and the u.s. and the reduced presence of some important players in the forex market.

neutral

forward looking

uncertain

2,023

central_bank_of_chile

20,874

the moderate course of aggregate demand conditions and the continued downtrend in import prices support disinflation as of the first quarter.

dovish

not forward looking

certain

2,015

central_bank_republic_of_turkey

14,553

2 and 3-year expectations remained below this figure in a slowdown trend.

neutral

not forward looking

certain

2,012

bank_of_colombia

715

a few members added that the economies of commodity-exporting countries and grain-exporting countries such as those in the middle east and central and south america, as well as australia, showed signs of recovery on the back of growing demand for commodities and food from china.

dovish

not forward looking

certain

2,009

bank_of_japan

1,764

bond yields had generally risen after the us interest rate decision.

hawkish

not forward looking

certain

2,003

bank_of_england

4,972

volatilities in the prices of fresh fruits and vegetables keep the domestic food prices-driven risks alive.

neutral

forward looking

certain

2,023

central_bank_republic_of_turkey

14,364

during the past month, the expectation has strengthened that the slowdown in economic growth in the us will continue into 2009, which will affect other economies worldwide.

dovish

forward looking

certain

2,008

bank_of_israel

12,308

however, global it output growth is expected to ease to a more sustainable pace as the ramp-up in production linked to inventory re-stocking runs its course.

neutral

forward looking

uncertain

2,017

monetary_authority_singapore

22,727

however, other members stressed that alternative policy measures cannot substitute for the interest rate as the main instrument of monetary policy in targeting price stability.

neutral

forward looking

uncertain

2,011

bank_of_thailand

8,387

this figure is 42 b less than the one in february and comes after five months of consecutive increases.

neutral

not forward looking

certain

2,008

bank_of_colombia

381

in terms of the inflation outlook, considering the adverse impact on domestic consumption demand caused by the spread of the virus, combined with plunging international oil and raw material prices, the bank trims the forecasts of the cpi and core cpi annual growth rates for 2020 to 0.59 and 0.55, respectively appendix table 2

hawkish

forward looking

certain

2,020

central_bank_taiwan

23,546

a few recent indicators have been interpreted as evidence that a more pronounced deceleration is progressing in a spontaneous fashion, despite the fact that it is difficult to identify turning points in volatile series, such as the ones regarding the level of economic activity

dovish

forward looking

uncertain

2,004

brazil_copom

16,604

meanwhile, the annual real gdp growth for 2009/10 q4 was revised downwards from 5.9 percent to 5.4 percent.

dovish

forward looking

uncertain

2,010

central_bank_of_egypt

17,938

overall inflationary pressures will remain elevated in the months ahead.

hawkish

forward looking

uncertain

2,022

monetary_authority_singapore

22,340

meanwhile, real gdp jumped significantly in 2014/15 q1, registering at 6.8 percent the highest annual growth rate since 2007/08 q4.

hawkish

not forward looking

certain

2,015

central_bank_of_egypt

17,009

prices in the other services subgroup rose by 1.41% month-on-month, with maintenance-repair, recreational and sporting services, household services and insurance services in the lead.

hawkish

not forward looking

certain

2,022

central_bank_republic_of_turkey

14,201

compared with a yield target, a bpp provides more flexibility to respond to evolving economic circumstances, although it could entail larger financial costs.

neutral

forward looking

uncertain

2,022

reserve_bank_australia

7,718

growth in total credit in april had remained around the fastest pace of the preceding decade.

hawkish

not forward looking

certain

2,022

reserve_bank_australia

7,732

most members pointed out that credit to the private sector continued to perform poorly and highlighted the fall in financing to firms.

dovish

not forward looking

certain

2,021

bank_of_mexico

3,701

consequently, central banks are expected to continue adjusting their monetary policy settings, some at a faster pace, to reduce inflationary pressures

hawkish

not forward looking

certain

2,022

bank_negara_malaysia

21,873

(2) the government confirmed the progress of the emergency economic measures at the council on economic and fiscal policy held on june 13, 2013; the proportion of national and local government projects -- measured in terms of their number -- for which actual work had started was around 81 percent.

neutral

not forward looking

certain

2,013

bank_of_japan

1,698

- liquidity and credit growth remained manageable.

dovish

not forward looking

certain

2,018

bank_of_phillipines

5,163

disinflationary risks to the baseline scenario are mostly linked to the possible additional tightening of monetary conditions in the economy due to a consistently high risk premium in credit rates and elevated banks’ requirements for borrowers amid high uncertainty.

hawkish

not forward looking

uncertain

2,022

central_bank_of_russia

13,394

prices of tradable items declined in the december quarter.

dovish

not forward looking

certain

2,013

reserve_bank_australia

7,304

in emerging economies, while domestic demand remains an important source of growth, exports are affected by weak external demand

neutral

not forward looking

certain

2,012

bank_negara_malaysia

21,552

on the demand side, consumption-related indicators had continued to adjust downwards, with a weak performance of imports of these goods and of retail sales, according to imacec and digital invoicing data, among other factors.

dovish

not forward looking

certain

2,023

central_bank_of_chile

20,622

economic risk factors both at home and abroad and endeavoring to lower inflation expectations, will conduct monetary policy so as to stabilize consumer price inflation at the midpoint of the inflation target over a medium-term horizon amid continuing sound growth of the economy.

hawkish

forward looking

certain

2,012

bank_of_korea

18,177

yet, some council members assessed that the risk of the second-round effects was limited due to slowing employment growth and heightened unemployment

dovish

not forward looking

certain

2,012

national_bank_poland

15,056

(d) 2019 q4 data are outturns.

irrelevant

not forward looking

certain

2,020

bank_of_england

4,736

the continuation of these market imperfections, in addition, to an unanticipated rebound in international food prices pose upside risks to the inflation outlook.

hawkish

forward looking

certain

2,011

central_bank_of_egypt

17,080

the member expected that consumption would continue to slow, weighed down by an economic slowdown, declining real purchasing power, and the growing burden of loan principal and interest repayment, in addition to the decrease in consumption capacity.

dovish

forward looking

certain

2,023

bank_of_korea

18,940

according to recent inflation and economic activity indicators monthly inflation was 0.20 percent in july, bringing down year-on-year inflation to 2.11 percent, from 2.29 percent in june

hawkish

not forward looking

certain

2,019

central_reserve_bank_peru

19,145

the majority of members noted that private unfavorably, and mentioned the fall in lending to firms.

dovish

not forward looking

uncertain

2,021

bank_of_mexico

3,507

the likelihood of lower interest rates has spurred rallies in equity markets, although uncertainty about the timing of interest rate reduction is reflected in bidirectional movements in the us dollar and sovereign bond yields.

neutral

forward looking

uncertain

2,024

rbi

11,941

therefore, they ratify that decisions will depend on the information available at a given moment in time.

irrelevant

not forward looking

certain

2,022

bank_of_colombia

56

in addition, the member assessed that we can’t afford to be complacent, as developments in global energy prices related to china’s reopening and the rise in public utility bills could work as restraints on the downward stabilization of consumer price inflation.

hawkish

forward looking

certain

2,023

bank_of_korea

18,012

this was mainly due to fewer sales of transport equipment.

neutral

not forward looking

certain

2,008

bank_of_colombia

353

regarding household debt, the household debt-to-gdp ratio remained elevated and would continue to edge up as a result of the economic slowdown as well as credit card and personal loan growth where household increasingly resorted to collateralized personal loans for liquidity.

dovish

not forward looking

certain

2,020

bank_of_thailand

8,232

he/she underlined that, looking ahead, the expected trajectory of inflation is similar to that already anticipated during the previous monetary policy decision.

neutral

forward looking

uncertain

2,023

bank_of_mexico

3,190

regarding inflation, the committee members mentioned results that printed above expectations in the short term, and the increase in projections for in this sense, they reasoned that the ongoing disinflation process has been evolving at a speed that is below the one pursued by the committee

hawkish

forward looking

certain

2,016

brazil_copom

16,222

total cpi inflation remains near the bottom of the bank’s target range as the disinflationary effects of economic slack and low consumer energy prices are only partially offset by the inflationary impact of the lower canadian dollar on the prices of imported goods.

dovish

not forward looking

certain

2,016

bank_of_canada

10,868

asian economies improved on the back of better export performance and a pick-up in the chinese economy, as well as continued buoyant domestic demand.

hawkish

not forward looking

certain

2,012

bank_of_thailand

8,744

accordingly, the member expressed the view that it would be appropriate to leave the base rate unchanged at the current 3.50% at this meeting.

neutral

not forward looking

certain

2,023

bank_of_korea

18,346

however, the indicators associated with construcion and manufacturing have declined in july due to lower investment

dovish

not forward looking

certain

2,016

central_reserve_bank_peru

19,893

the us dollar would likely weaken, with the regional currencies appreciating against the us dollar.

dovish

forward looking

uncertain

2,021

bank_of_thailand

8,278